The pattern of China's foreign trade is gradually changing with the signing of the free trade agreement with the ASEAN bloc. Trade with the ASEAN countries, surpassed that with Japan, to become China's third largest trading partner in May this year.
ASEAN is growing in prominence in textile and clothing trade with China. Although the Association of Southeast Asian Nations cannot match Japan in total trade size, the gap between the two has been quietly reduced.
From January to May this year, bilateral textile and apparel trade volume between China and ASEAN reached US $5.85 billion, while Sino-Japanese bilateral textile and apparel trade achieved $9.27 billion.
The difference in trade stood at $3.42 billion, but in the same time last year, the gap was $5.12 billion, representing a reduction of 33 percent. The share of the ASEAN countries in the Chinese textile market also increased from 6.5 percent of last year to 7.6 percent in May this year.
In May alone, China's exports to ASEAN increased by 56 percent year on year, of which exports of yarn and fabrics grew by 52 percent. From January to May, China's exports to ASEAN increased by 41.1 percent year on year.
In May, average unit price of yarn exports gained 19.7 percent, unit price of fabric exports rose 4.8 percent and from January to May, average unit price of total yarn exports to ASEAN raised 19.1 percent, average unit price of fabrics climbed 4.7 percent.
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